Topic: [CLOSED]#KN-R001 3TH/s Neptune KnCMiner, ord. #K27-BFYW-014072, PAID - page 5. (Read 33413 times)

After making the last post I realized that despite all the issues, it feels nice to actually tell you guys that I can finally deliver the hashing power we have all been waiting for so we can start earning some coin.

Thanks!

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I have updated the GB spreadsheet, you will be able to see the stats including you current earnings... 

My phone was acting up so I have edited and finished the previous post...

OK, Counterparty...

There are two reasons we would want to use Counterparty:

1. Using Counterparty will make payments very easy and far less prone to human errors.

2. Creating a Counterparty asset will make your purchased GH/s tradable on Counterparty's decentralized exchange.

I have created an asset within Counterparty that I have named MINERPAY. There is 1 MINERPAY asset for each GH/s. There are two options available to you,

1. You can open a Counterparty wallet and either:

     Update your payment address -OR-

     If you have access to the private key of your payment address, you can sweep the MINERPAY assets from your payment address into your Counterparty address.

2. If you do not care about being able to sell or trade your GH/s, do nothing and I'll send your payments as normal. You can always change your mind later.

REMEMBER!! DO NOT REQUEST THAT ANY COUNTERPARTY ASSETS BE SENT TO AN ADDRESS WHO'S PRIVATE KEY YOU DO NOT HAVE ACCESS TO!!

YOU MUST HAVE ACCESS TO THE PRIVATE KEY OF ANY ADDRESS THAT YOU HAVE COUNTERPARTY ASSETS SENT TO OR YOU WILL NEVER BE ABLE TO HAVE ACCESS THOSE ASSETS!!

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Hi dan244,

Sorry for not getting this information out sooner, but I have been working on fixing some issues with the Neptune cubes and...  I have good news and bad news.

I have received the new controller and it works fine, but I have spent several hours trying to get all the cubes working properly. Unfortunately, one of the cubes is malfunctioning and has been RMA'ed  . Also, one of the cube's PSU connectors had a bent post wich caused a short and burned it out, melted metal and all (link to picture below,) I spent several more hours tracking down the needed part and repairing the burnt connector. I am now running the 4 cubes to make sure everything is working properly and there are no more issues like we've had before. After awhile, I will post final results on how its running.

I am also working on an easy method to distribute the earnings via Counterpary, which will make it very easy on my end, I'll post that information later.

did we decide on a 2nd Neptune?  if so when are they shipping that one?

Keep us updated on the RMA process please... they give you an eta of the shipment of the new board?

thanks.

No, I wouldn't do that...

It is a common problem with the Neptune shipments. Lot's of people are having controller problems...

http://forum.kncminer.com/forum/main-category/hardware/50792-neptune-not-working

Is that because you dunked it in a tank of oil to see what would happen? 

The Neptune has arrived, unfortunately the controller board has to be RMA'ed, that's going to be another wasted week!

Our first Neptune has shipped, it is currently waiting for the Clearing Agency to give it a pass. The package should arrive before or by late Wednesday afternoon.

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To maximize our Neptune's mining efficiency, I plan on building a passive immersion cooling tank using Novec fluid.

I should be able to build the cooling system for both Neptune's for around 1-2 BTC. To speed up the implementation of the cooling system, would any of you be willing to donate some BTC to fund the cooling tank, either by direct donation or by donating some of your mining returns?

Since the cooling tank would eliminate the need for the fans, heat sinks and, for nostalgia, the Neptune Cube cases, I will be auctioning them off to help fund the tank. You can place your bids here.

Heat sinks and fans bids are for a set, Example Bid: 1 set (1 heat-sink & 1 fan) 0.05 BTC
Neptune Cube case bids are per each, Example Bid: 1 Cube case 0.1 BTC

Please make your bids for a reasonable amount.

Thanks for the input davideak,

1. I offered the information in response to railzand's question about The WASP Project Collective, maybe I was a little ambitious with my response.

2. The ROI+ guarantee would be only for the early adopters and therefore limited in scope. Its intended to reward those who support the projects startup phase.

3. Will be glad to see you aboard when the initial offer goes live. The price of hashing power depends on chip price, fabrication costs, reasonable markup and what the consumer is willing to pay. Selling at a loss is not an option. I only ask the question to hear from the consumer and learn what they think is fair price.

Hello tempestb,

Your suggestion can certainly be added to the tool chest of options,

Here is the link to the GB spreadsheet. And thanks for the advice, it gives me something to think about.

https://bitcointalksearch.org/topic/official-thread-the-solarwind-mining-company-297334

link to off SWMC tread ?

Is there a spreadsheet of buyers for this group buy?  I want to be sure I'm actually on it.

As for the question, I agree that the ROI guarantee is worthless.  You either deliver, or you'll go out of business. Nobody believes that if mining becomes unprofitable you'll be able to reimburse the miners what they lost on the venture.  So don't make promises that you might not be able to keep.  Stay honest and in reality.  People in this space should know the risks or not invest.

You probably will just crash and burn running a mining farm, because the margins are too low.  You can't support everything you need and a salary to pay yourself and turn around and be profitable.  Of course this depends on difficult/bitcoin price, but based on history almost nobody is successful with it.  At least in terms of showing profits.  Some farms continue to reinvest and grow, but their coin holders aren't driving sports cars and buying mansions.



A smart investment fund that someone with free-time should create is a "Vulture Venture Cap" that creates a sizable amount of cash in holdings and then waits for a failed hardware company to go belly up.  Then the VVC buys the company's assets at pennies on the dollar and hashes with their technology.

Take Hash Fast as an example.  Probably could have walked in and bought boards and chips for a very low price and gotten them up and mining profitably in no time. 

The fall out of failed mining operations is just going to continue.  There are a lot of joints that poured a bunch of start up funds in and then bit off more than they can chew to get their money back out.  A VVC would just need to negotiate price and absorb the failed business's hardware that can be made profitable based on price.



I'd invest in that business.   Because that would be a smart business.  It takes on no risk.  Has a known investment strategy.  Can remain dormant while market forces play out, and then strikes at opportune times for its best interest only.  You'd need legal help.  Find a lawyer that can participate in judgements and legal auctions of assets, plus liquidations.  Then do a lot of digging to talk to the failed or failing businesses on getting them to sell to you their hardware for cheap.

Kind of like flipping houses, but in the Bitcoin universe of mining operations.  If done properly, it can make a lot of people very rich.

I vote for a second Neptune

A few toughts:

1. I would suggest posting this in the SWMC thread and not this GB.

2. I think it is irresponsible offering "ROI+ guarantee", as mining hardware cost & future difficulty is unknown/speculative.

3. this said I would be interested in investing a few hundred dollars in this venture,
as for the price point, as you are most invested in this project you should price it as you see fit in relation to hardware price, managing costs & initial capital you have to invest.
selling with a loss will bury the project as you wont be able to maintain it.

The WPC is still active, the latest board to be produced is the Spondoolies Whiteface mining board. This is a test mining board for the Allied Control Cooling Container project. All current boards are proof of concept tests, currently the only chips being used are ones that will not reach ROI.

SWMC is planning on offering preorders for hashing power based on the SWMC Hashing Exchange that is currently being tested internally. When I do offer the GH/s to early adopters, there will be an ROI+ guarantee and some nice bonus included, but again, that is for early adopters only. I wanted to offer a beta version of the Hashing Exchange before I offered any preorders, but we may not be able to wait that long. Many of the big mining companies out there are buying up chips long before the average individual even knows the chips will be available. That makes it nearly impossible to get enough chips that will afford us an ROI by the time those chips are released.

All of the big mining companies (including ASIC hardware manufacturers) are moving to a cloud mining platform. It wont be too many months from now and you wont be able to purchase personal miningware at all, simply because it will cost to much to keep up (if we aren't already there and just haven't decided to accept it yet,) or there won't be anyone who wants to sell miningware to you. It is soon to become an only big players league when it comes to Bitcoin mining.

That's why I am building the SWMC Hashing Exchange, so we can still be in the game and be just as profitable...

To make this work, SWMC will need to raise some serious capital. So the plan is to offer an initial total hashing power of 2-4 PH/s at somewhere around 85¢ a GH/s with an ROI+ guarantee for early adopters. We are currently in negotiations with Allied Control as part of the development of our data center which will be utilizing immersion cooling methods like that which is provided by Allied Control. We are also working on getting access to 5.5¢ kWh electricity. I have dual US/British citizenship, so I am considering basing part of SWMC in The Isle of Man which is a Bitcoin friendly country. It may not look like much is happening with SWMC on your end, but there is a lot of activity on mine.

Just to measure your interest, what price point for hashing power would motivate you to preorder hashing power with an ROI+ guarantee from The SWMC Hashing Exchange with the understanding that the exchange is in the development stage and that hashing power may not go live for several months? After sufficient hashing power is being circulated on the exchange, SWMC will never offer preorders again.

this may contain factual inconsistencies